Daily Analysis For EUR/USD 07-04-2023

Daily Analysis For EUR/USD 07-04-2023

EUR/USD Analysis
EUR/USD
Economic Events and Scenario for EUR/USD
Economic Events: -
GMTEventImpactCurrency
00:30(Japan) Overtime Pay YoYLowJPY
00:30(Japan) Household Spending YoYLowJPY
00:30(Japan) Household Spending MoMLowJPY
00:30(Japan) Average Cash Earnings YoYLowJPY
00:50(Japan) Foreign Exchange ReservesLowJPY
01:00(Australia) Good FridayNoneAUD
01:00(Belgium) Good FridayNoneEUR
01:00(Canada) Good FridayNoneCAD
01:00(Ecuador) Good FridayNoneUSD
01:00(El Salvador) Good FridayNoneUSD
01:00(Estonia) Good FridayNoneEUR
01:00(Euro Area) Good FridayNoneEUR
01:00(Finland) Good FridayNoneEUR
01:00(Germany) Good FridayNoneEUR
01:00(Latvia) Good FridayNoneEUR
01:00(Luxembourg) Good FridayNoneEUR
01:00(Malta) Good FridayNoneEUR
01:00(Netherlands) Good FridayNoneEUR
01:00(New Zealand) Good FridayNoneNZD
01:00(Portugal) Good FridayNoneEUR
01:00(Spain) Good FridayNoneEUR
01:00(Switzerland) Good FridayNoneCHF
01:00(United Kingdom) Good FridayNoneGBP
01:00(United States) Good FridayNoneUSD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Netherlands) Household Consumption YoYLowEUR
05:30(Netherlands) Manufacturing Production MoMLowEUR
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
07:00(Lithuania) Balance of TradeLowEUR
07:45(France) ImportsLowEUR
07:45(France) ExportsLowEUR
07:45(France) Current AccountLowEUR
07:45(France) Balance of TradeMediumEUR
08:00(Austria) Industrial Production YoYLowEUR
08:30(France) Foreign Exchange ReservesLowEUR
09:00(China) Foreign Exchange ReservesLowCNY
10:00(Greece) Balance of TradeLowEUR
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:00(United States) Used Car Prices MoMLowUSD
14:00(United States) Used Car Prices YoYLowUSD
20:00(United States) Consumer Credit ChangeLowUSD
Today's Scenario: - As the Good Friday holiday morning settles in Europe, the EUR/USD pair seems to be stagnant around the significant resistance level of 1.0930. The Euro pair has been displaying a consistent upward trend and is poised to achieve a three-week winning streak. This remarkable performance can be attributed to the fact that it has been able to maintain its position above the 100-SMA and crucial support lines that have been in place since March.
Investors are keenly observing the EUR/USD pair's movements as it navigates the market during the holiday season. The market seems to be at a standstill as traders and investors are taking a break from the intense activity that typically characterizes the foreign exchange market. However, this has not dampened the Euro pair's resilience, as it continues to display impressive stability and upward momentum.
It is worth noting that the 1.0930 resistance level is a crucial price point that the EUR/USD pair must surpass to continue its upward trend. Traders and investors will be monitoring the market closely to determine whether the Euro pair can break through this level and make significant gains.
Buy Scenario: - The EUR/USD pair has shown consistent trading above the 100-SMA and two support lines from the previous month. Additionally, the RSI (14) has remained relatively stable, indicating the continuation of the Euro's upward trend.
To continue its bullish run, the Euro pair needs to overcome the two-week-long resistance level of 1.0930. Only then can it attempt to reach the recent peak of 1.0973, followed by the yearly high of around 1.1035 and the March 2022 high of near 1.1185, still we do not advise to buy EUR/USD currency pair.
Sell Scenario: - On the other hand, if there is a pullback, the bearish MACD signals may target the three-week-long support line near 1.0870. However, the ascending trend line from March 24 and the 100-SMA, located at around 1.0835 and 1.0810, respectively, may act as barriers against the bears before they take control. Till then we do not advise selling EUR/USD.
Support and Resistance Level: -
SupportResistance
S1 1.0892-R1 1.0946
S2 1.0862-R2 1.0968
S3 1.0839-R3 1.0999

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